The Consumer Financial Protection Bureau increased the maximum civil penalty it can impose within its jurisdiction after Jan. 15, 2022. The increases are mandated by federal law, which requires agencies to adjust for inflation each civil monetary penalty within an agency’s jurisdiction by Jan. 15, 2022.
Posts published in “Federal Regulation”
Despite the national and global events that took center stage in 2021, the upward trend in data privacy legislation at the state level continued and with the addition of the amendments to the Safeguards Rule, 2022 brings new compliance challenges for many businesses and financial institutions.
When 2020 ended, many of us were unsure what 2021 would look like from a bankruptcy perspective. Would consumer filings increase? Could we see bankruptcy reform and particularly in the area of discharge of student loans?
The Consumer Financial Protection Bureau has proposed a rule it says would “shine new light on small businesses’ access to credit.” The proposed rule accomplishes this goal by requiring lenders to “disclose information about their lending to small businesses.”
In a per curiam opinion, the Supreme Court of the United States recently held that the Director of the Centers for Disease Control and Prevention (CDC) exceeded its authority when it "imposed a nationwide moratorium on evictions of any tenants who live in a county that is experiencing substantial or high levels of COVID–19 transmission and who make certain declarations of financial need."
The Consumer Financial Protection Bureau (CFPB) announced on July 30, 2021, that it will be withdrawing its earlier proposal to extend the Regulation F effective date by 60 days. Thus, the original effective date of Nov. 30, 2021, will remain.
The federal Consumer Financial Protection Bureau (CFPB) recently issued its final rule entitled “Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X.”
On June 25, 2021, the Supreme Court of the United States held that a plaintiff must suffer a concrete injury resulting from a defendant’s statutory violation to have Article III standing to pursue damages from that defendant in federal court. The Court also held that plaintiffs in a class action must prove that every class member has standing for each claim asserted and for each form of relief sought.
The Supreme Court of the United States recently held that the Federal Trade Commission Act allows permanent injunctions to prevent future violations but does not authorize the Federal Trade Commission to seek, or a court to award, equitable monetary relief such as restitution or disgorgement, except that the FTC may obtain monetary relief by first invoking its administrative procedures and then Section 19’s redress provisions (which includes limitations).
The U.S. Court of Appeals for the Third Circuit recently affirmed the dismissal of a class action complaint alleging that a collection letter’s itemization of a debt as including “$0.00” in interest and fees — when the debt could not accrue interest or fees — violated the federal Fair Debt Collection Practices Act.
On April 7, the Consumer Financial Protection Bureau (CFPB) issued a Proposed Rule that would postpone the effective date of the Debt Collection Final Rules, Part 1 and Part 2, by 60 days, from Nov. 30, 2021, to Jan. 29, 2022.